Afentra, the upstream oil and gas company focused on acquiring production and development assets in Africa, today announced its half year results for the six months ended 30 June 2024.

Financial Summary

• Pre-tax revenue of $75.7 million (H1 2023: nil)
• Adjusted EBITDAX of $40.8 million (H1 2023: loss of $0.8 million)
• Profit after tax of $22.2 million (H1 2023: loss of $3.9 million)
• Cash resources as at 30 June 2024 of $13.8 million (30 June 2023: $15.7 million)
• Debt drawdowns at 30 June 2024:

o  Reserve Based Lending Facility: $47.3 million (30 June 2023: $12.8 million)
o  Working Capital Facility: $13.7 million (30 June 2023 $9.1 million)

• Net debt at 30 June 2024 of $46.4 million (30 June 2023: $6.5 million)

Net debt on 30 June 2024 excludes the June crude oil sale of $37.6 million, which is classified as a receivable as of 30 June 2024 due to timing of cash receipt (July) post-period. Cash balance post the June and Q3 2024 liftings estimated to be approximately $40 million, reducing net debt to around zero.

Crude oil sales

• The Company sold in aggregate 900,000 bbls of crude in the first 6 months of 2024 (H1 2023:nil)
• The average sales price realised for H1 2024 sales was $84.3/bbl
• Crude oil entitlement stock at 30 June 2024, post June lifting, ~568,917 bbls

Key Indicators  

1. H1 2023 represents 4% WI for Block 3/05 and 5.33% WI for Block 3/05A. FY 2023  represents 18% WI for Block 3/05 and 5.33% WI for Block 3/05A.
2. Cash received for the June lifting of $37.6m whilst recognised in Pre-tax revenue, is not recognised in 30 June cash resources or net debt due to timing of cash receipt (July) post-period.
3. Includes restricted funds of $8.0 million (H1 2023) and $4.9 million (FY 2023).

Operational Summary

Gross average combined production for the period to the end of June 2024 for both Block 3/05 and 3/05A was 22,701 bopd (Net: B3/05 6,416 bopd; B3/05A 280 bopd).

Field Operations progressed in H1 2024:

• 15 light well interventions (LWI) were completed delivering an overall 2,500 bopd increase to field production, a further campaign of up to 20 LWIs commenced at the end of June.
• Upgrade works on the power systems are ongoing to deliver water injection rates on a consistent basis.
• Planning for future workovers, ESP installations and selection of drilling candidate continues.

Post Period-End

• The Company sold a further 780,000 bbls of crude oil in August 2024 at a sales price of $83.7/bbl resulting in pre-tax revenue of $65.3 million.
• Crude oil entitlement stock at 31 August 2024, post August lifting of approximately 125,000 bbls.
• Cash balance post Q3 2024 lifting estimated to be approximately $40 million, reducing net debt to around zero.
• The Company expects to sell its next cargo of crude (~550,000bbls) in late Q4 2024 / early Q1 2025.
• The planned three-week shutdown on Block 3/05 facilities will start on 13 September. The shutdown is to conduct maintenance work across all platforms and infrastructure to enable improved field performance.

Angolan Acquisition

The period saw the successful completion of a 12% non-operating interest in Block 3/05 and a 16% non-operating interest in Block 3/05A offshore Angola from Azule Energy Angola Production B.V. (Azule) for a net consideration of $28.4 million offset by the inherited crude oil stock of 480,000 barrels. This third acquisition increased Afentra's interest in Block 3/05 to 30% and in Block 3/05A to 21.33%.

Kwanza Onshore Licenses

Afentra made its entry into the Kwanza onshore basin with the signing of a 45% non-operated interest in the Production Sharing Contract (PSC) for KON 19. The PSC for KON 15 has been initialled and license award is expected Q4 2024. The full work program for both licenses is being finalised with the respective partnerships, however the basin wide enhanced Full Tensor Gravity Gradient (eFTG) survey to map the geology commenced in August 2024 with early data being available in Q4 2024.

Paul McDade, Chief Executive Officer, Afentra plc commented:
"We are pleased with the progress made during the first half of 2024, which marks a pivotal period for Afentra as we transition into a producing company. The successful completion of our acquisitions in Angola has provided the financial foundation for the company, with our strong balance sheet reflecting not only the robust cash-generating capacity of these assets but also our commitment to disciplined and strategic value driven deal-making. We continue to build out our position in Angola with the entry into the Kwanza onshore basin which we consider to be a further organic value opportunity.  

Our team's dedication and the strong relationships with our partners and ANPG have been instrumental in achieving these milestones, and we remain committed to driving further value for our shareholders. As we look ahead, we will continue to focus on optimising our current assets while exploring new opportunities that align with our strategy of responsible and sustainable growth in Africa."

KeyFacts Energy: Afentra Angola country profile